2020-05-28 Finance Minutes - Laserfiche WebLink

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4 City Councit•Committee Meeting Minutes May 28, 2020 - 5:00 p.m. - Electronic Meeting due to COVID-19 Emergency Councilmembers Present: Verna Seal, Chair; Kathy Hougardy, Kate Kruller StoffPresent: Vicky Carlsen, Jay Wittwer, Rachel Bianchi, Tony Cullerton, David Cline, Laurel Humphrey Chair Seal called the meeting to order at 5:00 p.m. I. BUSINESSAGENDA A. Ordinance: Reissuing Limited Tax General Obligation Bonds Staff is seeking Council approval of an ordinance delegating authority to the Finance Director to issue limited tax obligation bonds to refund the outstanding 2010B LTGO bonds via a direct placement process. Refunding these bonds could result in net savings in interest up to $70K. Committee Recommendation Unanimous approval. Forward to June 1, 2020 Regular Meeting. B. Contract: City of Tukwila 2020 Facility Study Staff is seeking Council approval of a contract with McKinstry in an amount not to exceed $188,200 for Assessment and Planning Services for the 2020 Facility Study. Due to budget constraints, staff is recommending moving forward with only phases one and two and deferring the final concept to a later date. Question(s) requiring follow up Provide previous seismic study. Committee Recommendation No recommendation. Forward to June 8, 2020 Committee of the Whole. C. 2020 1st Quarter Fire Department Budget Report The Fire Department is projected to be at or below budget for the 15t Quarter of 2020. Staff provided an overview of changes made to achieve this. Committee members discussed the status of the 2020 Budget Proviso and the withdrawal of the third party consultant that was hired in response to one of the conditions. Question(s) requiring follow up Provide the Kragness report again. Committee Recommendation Pursue hiring of another third -party consultant required by the proviso. Forward to June 8, 2020 Committee of the Whole.